Jacobin Radio Confronting Capitalism: Can Trump Bring Back Manufacturing?
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Mar 12, 2025 The discussion tackles the complexities of state-led industrial policy and its role in reshoring American manufacturing. It contrasts Trump's tariff strategies with Biden's efforts to boost high-tech industries. Historical successes in industrial policies from countries like Japan and France are highlighted, along with the political obstacles of implementing such strategies. The podcast also critiques the CHIPS Act and its bureaucratic hurdles. Ultimately, it calls for empowering workers and forging a left-wing movement for transformative economic policies.
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Defining Industrial Policy
- Industrial policy is state intervention beyond managing macroeconomic variables.
- It targets specific sectors or firms, influencing their investment patterns directly.
Industrial Policy Successes
- Post-war industrial policy was rare in developed nations, mainly used by Japan and France.
- Their success was partly due to weaker capitalist classes and post-war rebuilding needs.
Capitalist Resistance
- Capitalists generally resist state intervention in their investment choices.
- They prefer assistance with existing plans, not new directives.